Ethereum price analysis: ETH/USD: This resistance won't be easy, clawback looms

ETH bounces off a good support, finds resistance in quick time.
CFTC says virtual currencies are here to stay.

Manoj B Rawal Independent Analyst

Ethereum price bounced off a strong support on the short term charts, but then the bounce finds resistance soon enough, making bulls to clawback gains a bit to gain some more strength to move any further.

ETH/USD is up a percent at $606 near day's high and trading in a narrow band of $599 and $610. On the hourly chart, ETH bounced off an ascending trendline support on Friday and now the bounce faces imminent resistance just above the current price levels, which is at $610, a break out of this resistance would be confirmed once it crosses earlier lower high of $615.

Immediate supports for the second largest crypto now stand at $590 and $582 while the resistance stand at $615 and $622 once it manages to cross past $610.

ETH/USD 60-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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